Hold secures $1.1M for its student app, moves HQ to London.
Hold, an Oslo, Norway-founded startup providing a mobile app that rewards students to focus on school, secured £800k ($1.1M) in seed funding.
At the same time, Hold announced that will relocate to London and will focus its business expansion efforts on the UK market.
Hold was launched in 2016 by three students, Maths Mathisen (CEO), Florian Winder and Vinoth Vinaya.
They developed an app which is free to download and which rewards users for every 20 minutes they don’t check their phone while on campus. Points can then be traded for rewards such as cinema tickets, free food, drinks or Amazon gift cards. The company intends to make money by charging a subscription.
After launching in Norway in February 2016, Hold claims to have received 50,000 downloads in its first three months, and now reached to 130,000 users across Norway, Sweden and Denmark.
Prior to being accepted and receiving money from Founders Factory, the company bagged about NOK 5M ($600k) and was backed by Founders Fund, Innovasjon Norge and The Research Council of Norway.